FIP · FTAI Infrastructure Inc.

Period Performance

Period Performance

In Q1 2026, FTAI Infrastructure reported total revenues of $188.4 million, nearly double the $96.2 million in Q1 2025, driven by the acquisitions of Long Ridge Energy & Power (Power and Gas segment) in February 2025 and Wheeling (Railroad segment) in December 2025. Despite the top-line growth, the company recorded a net loss attributable to stockholders of $150.2 million compared to a profit of $109.7 million in the prior-year period. The swing was primarily due to a $45.9 million loss on modification or extinguishment of debt (refinancing of Bridge Loan and Jefferson Credit Agreement), a $120.4 million decrease in gain on sale of assets (prior year included a gain from the Long Ridge acquisition), and a $39.4 million increase in interest expense as debt rose by approximately $1.4 billion. Adjusted EBITDA declined 55% to $70.6 million from $155.2 million, as operating expenses grew 80% to $120.4 million, outpacing revenue growth.

Segment Dynamics

• Railroad: Revenue surged 99% to $85.0 million, driven by the Wheeling acquisition and higher carloads. Operating income fell to $11.8 million from $13.8 million due to $23.8 million in additional operating expenses and $14.4 million in depreciation. Adjusted EBITDA more than doubled to $40.2 million.
• Jefferson Terminal: Revenue grew 40% to $27.3 million on higher crude throughput. Net loss widened to $32.6 million from $26.2 million, impacted by a $6.4 million loss on debt extinguishment. However, Adjusted EBITDA rose 82% to $14.4 million.
• Repauno: Revenue declined 68% to $1.2 million as a butane contract ended. Net loss increased to $8.6 million from $7.2 million. Adjusted EBITDA was -$2.3 million versus -$1.5 million.
• Power and Gas: Revenue jumped 259% to $62.0 million from the full consolidation of Long Ridge. The segment swung to a net loss of $5.2 million from a gain of $170.0 million, as the prior year included a $120.0 million gain on acquisition and $10.6 million equity earnings, which were absent this quarter. Adjusted EBITDA fell to $26.4 million from $138.1 million.
• Sustainability and Energy Transition: No revenue; net income of $0.2 million versus a loss of $5.0 million, reflecting lower losses at GM-FTAI Holdco.
• Corporate and Other: Revenue flat at $12.8 million. Net loss doubled to $93.0 million due to $39.5 million loss on debt extinguishment and higher interest expense. Adjusted EBITDA was -$8.4 million vs -$7.7 million.

Forward View

Management highlighted a planned sale of Long Ridge to improve liquidity and reduce debt, and entered into a $255 million backstop agreement. The company refinanced its Bridge Loan with a Term Loan Credit Agreement and repaid the Jefferson Credit Agreement. Going forward, the company expects operating subsidiaries to generate sufficient cash flow to cover expenses and debt service, but near-term liquidity will depend on asset sales and refinancing. No specific numerical guidance was provided.

Notes & Operating Detail

Balance Sheet & Liquidity

As of March 31, 2026, FTAI Infrastructure held $227.4 million in cash and restricted cash, with total debt of $3.81 billion (net of issuance costs). Shareholders' equity was negative $122.5 million, reflecting accumulated deficits and redeemable preferred stock. The company reported a net loss of $127.2 million for the quarter, primarily due to $45.9 million in debt extinguishment losses and $82.5 million in interest expense. The company's liquidity is supported by a $255 million backstop bridge facility and planned sale of Long Ridge for $1.52 billion (subsequent event).

Commitments & Contractual Obligations

No material purchase commitments beyond normal operating leases and debt. The company has a $50 million financing obligation for railcar leases (failed sale-leaseback). Derivative liabilities total $208.9 million, primarily electricity swaps with notional of 741,777 MWh.

Capital Allocation

Dividends: $3.5 million declared ($0.03 per share) for the quarter, a 3% increase YoY. No share buybacks. Debt: net increase of $39 million, with a $1.35 billion Term Loan at 9.75% used to repay bridge loans. Capex of $46.5 million (24.7% of revenue) was primarily for property, plant, and equipment. The company also invested $5 million in TimberHP via a secured promissory note.

Segment / Geographic Mix

All tangible assets are in North America. Segment revenue mix: Railroad (45%), Power and Gas (33%), Jefferson Terminal (15%), Corporate and Other (7%), Repauno (1%). The Railroad segment posted $15 million operating income (17.8% margin), while Jefferson Terminal and Repauno had operating losses. Power and Gas, though growing, had a slight operating loss due to interest and depreciation. The Sustainability and Energy Transition segment had no revenue but equity income. Corporate and Other includes roadside services and significant corporate overhead.